Oil markets hit by Greek debt fears

Oil prices fell this morning on growing anxiety that the Greek debt default will lead to a global recession.

Brent crude for November slipped 49¢ to stand at $101.22 and US crude fell 65¢ to $76.96 a barrel, as commercial crude stockpiles and imports rose for the second consecutive week.

Greece is expected to miss its fiscal deficit target this year, as doubts over a planned second international bailout grow.

Elsewhere, Libya will supply crude at two major oilfields in two weeks’ time, doubling production to 700,000 barrels a day by the year-end, reports Reuters.